Categories
My Life

Leased Land

Is the WORST idea in the world!

Who on earth thought of this plan?!?!

So I am looking at properties here in OC now. I found a great looking place in Huntington Beach for $339,000. One bedroom condo, fully refurbished, great looking place, price reduced by $30,000.

I email the Realtor that’s selling it. She replied back:

“It is on leased land. The lease is $516.87/month and there is a cost of living increase. Every other year there is a $360.00 a year increase that stops in 2013.”

Ok, so on TOP of the paying nearly $2,000 a month for mortgage, plus taxes, plus $240/month in HOA dues, plus utilities, you have to pay $516 a month! This is the most retarded thing I have EVER heard of! How on earth are you supposed to be able to afford this shit?

A ONE BEDROOM people! This is crazy! And then what happens when the lease is up in 2013? Do they jack up the prices, can they just tell you to get out? WTF?!

These should be illegal!

5 replies on “Leased Land”

It’s my understanding that land leases are mostly used for urban renewal projects, like where a non-profit or the government would own the land and the person owns the house. I don’t know a whole lot about it, but it must be a device that is bad for creditors and helps homeowners somehow.

That IS crazy. I can’t imagine paying that kind of money to end up with zip later on,

yeah, that’s really weird how they’re trying to use them out there to screw you over.

I just wanted to say I do think they have some point, somewhere.

It seems like you’re pretty much screwed on buying a house out in CA anyway, not like the good ole midwest, haha!

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.